Tianma Bearing Group announces share increase amid stock volatility

Tianma Bearing Group (SZSE:002122) announced plans for its controlling shareholder, Hesida Sifang Information Technology Group, through its subsidiary Hangzhou Heda Sifang Network Technology, and several key executives to increase their holdings in the company. This decision follows a period of abnormal stock trading fluctuations, with the company's share price deviating significantly over two trading days. The move aims to bolster investor confidence and protect the interests of shareholders, as stakeholders believe the company is undervalued, and plan to acquire shares worth between CNY29.2 million and CNY58.4 million over the next six months. The company has, however, received a notice from the China Securities Regulatory Commission (CSRC) regarding alleged violations of information disclosure regulations, prompting an investigation and potential regulatory actions. Tianma Bearing Group assures investors that it will comply with disclosure requirements and address any risks associated with the planned share increase.